|
As a general proposition, the value of state homestead exemptions
indicates the legislatures assessment of a reasonable standard of living
during times of economic hardship. The Ohio Homestead Exemption Act
allows state residents accommodations up to a value of $5,000 real
estate equity. Further, the Ohio homestead exemption law also applies to
the value of all improvements, fixtures, mineral rights, water rights,
buildings and landscaping. All real estate value and the added value of
improvements in excess of $5,000, to the extent free of valid liens, is
subject to seizure for nonpayment of debts.
|
